Qatar's Al-Khaliji buys French bank

Manama, November 6, 2008

Qatar's Al Khalij Commercial Bank said it has agreed to acquire BLC Bank-France for $250 million.

The bank, also called Al-Khaliji, will acquire a European Union-wide banking licence as well as BLC's four branches in the United Arab Emirates and one branch in Paris in the deal.

Al Khaliji said in a statement posted on the Qatari bourse website the rebranding and integration of BLC will be completed over the next six months, with all 130 BLC employees being taken over. - Reuters